Karma from their patent wars. Their resources switching from innovation to legal wrangling, especially their management shifting focus from future products to past competitive products which they can sue over, that's got to be a big drain, and especially damaging to their entire mindset. Could even be a bit of inheritance problem -- Steve Jobs left them a legacy of patent wars and a unique style, and it's much harder to reproduce his style and taste than merely hiring lots of lawyers, so they focus on wha

According to this [latimes.com] article Apple was valued at 623 billion dollars in August. According to Yahoo Finance [yahoo.com] its assets were worth about 176 billion dollars around the same time. This includes goodwill and intangible assets.

That's a 447 billion dollar value given to things like having the right people... way, way, WAY too high. In short Apple's valuation is irrational.